Such ambition! I can't wait

Two words - App Store 

Apple will be implementing their own version of the bitcoin software on their devices, and only let you spend it on approved products and services. They wouldn't give that up to the likes of us.

"Introducing... the One Point Five system! Three halves to be 1.5 times as secure! Coming to a pocket near you, as long as you have a good memory."

Like I implied only for "serious" purchasing security that would be required to prevent large amounts of bitcoins being stolen in the event that you get the device stolen.

It's already up to 1st and 2nd.

Cool initiative!
Some comments on the comments:
I have spoken with people at f-secure that say phones viruses, worms and exploits are plentiful. For smartphones, doubly so. Much easier to compromise a wallet on a phone.
And why worry about the keys on this device if it is physically stolen? Will you even carry more btc on it than the device itself costs? And if you have the wallet backed up you have a chance to empty it before the thieves do.

Question: How would the process be, of me transferring btc to a friend or stranger who also carry such a device?
This is something a bitcoincard wouldn't be able to do, but which is necessary to emulate cash.

In German and in French, it doesnt sound appealing: Ellet

Ja, glaub auch, dass das eine Ente ist